Withholding Clause Example from Business Contracts

Withholding. The Partnership or any Affiliate shall have the right and is hereby authorized to withhold from the Settlement Amount and any compensation or other amount owing to the Participant, applicable income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items ("Tax-Related Items"), with respect to any taxable event under this Agreement or the Plan and to take such action as may be necessary in the opinion of the Partnership or the applicable Affiliate to... satisfy all obligations for the payment of such Tax-Related Items. The Participant acknowledges that, regardless of any action taken by the Partnership or any of its Affiliates the ultimate liability for all Tax-Related Items, is and remains the Participant's responsibility and may exceed the amount actually withheld by the Partnership or any of its Affiliates. View More